Here is how your deductible works: if you have a $1,000 “dollar deductible,” that $1,000 would be deducted from your claim. So, if your insurance company has determined that your loss is worth $10,000 you would receive a claims check for $9,000. from your insurance company.
Percentage deductibles are calculated differently. They are based on a percentage of the home’s insured value. So if your house is insured for $200,000 and you chose a 1 percent deductible, $2,000 would be deducted from the amount your claim. So you would be responsible for the first $2000.00